The following information is available for Bridgeport Corporation for 2022:Beginning inventory $1,104,000Ending inventory1,204,000Cost of goods soldSalesInventory turnover7,731,800Calculate the inventory turnover and days in inventory for Bridgeport Corporation. (Round inventory turnover to 2 decimal places, e.g.52.75 and days in inventory to O decimal places, e.g. 5,275.)Days in inventory7,030,000timesdays

Formula is as follows Inventory turnover = cost of goods sold / average inventory Average inventory…

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The following information was available for Concord Company at December 31, 2020: beginning inventory $163000; ending inventory $117000; cost of goods sold $1330000; and sales $1360000. Concord's inventory turnover in 2020 was O 9.5 times. O 9.7 times. O 11.4 times. O 8.2 times.
Cedus bags had the following data in respect of material X for the year ended 31st March 2021. Opening stock =90,000 Purchases during the year= 270,000 Closing stock =110,000 Calculate : (i) Inventory turnover ratio; and (ii) the number of days for which the average inventory is held.
use the following information relating to clover company to calculate the inventory turnover, ratio, gross margin, and the number of days sales in inventory ratio, for years 2022 and 2023 Sales Cost of goods sold Average inventory Year 2021 250,000 187,500 24,000 Year 2022 295,000 221,250 30,000 Year 2023 323,000 242,250 35,000
11 )
Inventory Analysis A company reports the following: Cost of goods sold $800,445 Average inventory 94,170 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
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The comparative inventory balances for December 31, end of the year, for a company are provided below. 20Y6 20Y5 Inventory $100,000 $110,000 Based on this information, what is the percentage of increase or decrease that would be shown in a balance sheet with horizontal analysis?
On January 1, 2022, Bulldogs Inc. has an inventory account has a balance of P450,000. During the year, Bulldogs Inc. purchased P2,950,000 additional merchandise. On December 31, 2022, the inventory was counted and determined to have a balance of P925,000. What is the inventory turnover for 2022?
Inventory Analysis A company reports the following: Cost of merchandise sold $569,400 Average merchandise inventory 87,600 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
Mahoney, Inc. reports the following information in its annual report: January 1, 2024 December 31, 2024 Inventory value at LIFO $1,500,000 $1,600,000 LIFO reserve 40,000 50,000 Inventory value at FIFO $ 1,540,000 $1,650,000 Sales for 2024 totaled $10,000,000. Cost of goods sold under LIFO totaled $ 6,700,000. What is Mahoney's 2024 inventory balance, cost of goods sold and gross profit if it uses the FIFO method?
Use the following information relating to Clover Company to calculate (a) the inventory turnover ratio, (b) gross margin, and (c) the number of days' sales in inventory ratio, for years 2022 and 2023. Assume a year has 365 days. Do not round intermediate calculations and round your final answers to 3 decimal places. Year 2021 Year 2022 Year 2023 Year 2022 Year 2023 Sales $260,000 305,000 333,000 Cost of Goods Sold $187,500 241,250 242,250 Inventory Turnover Average Inventory $25,000 30,000 38,000 Gross Margin Days' Sales in Inventory
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